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Enterprise Exit Processes in Transition Economies
Downsizing, Workouts, and Liquidation

Edited by Leszek Balcerowicz, Deputy Prime Minister and Minister of Finance, Poland, Cheryl W. Gray, World Bank, and Iraj Hoshi, StaffordshireUniversity

"This book discusses exit processes (industrial downsizing, bankruptcies, reorganization and liquidations) in three leading transition economies of Central Europe: the Czech Republic, Hungary and Poland. The reason for the economic transition was that the socialist economies were almost bankrupt by 1989 and in desperate need of restructuring. This book analyses the micro dimensions of this process, where industrial firms cease to exist, releasing assets and resources that may be used more efficiently elsewhere."
- Slavonic and East European Review

The rebirth of competition and the extensive 'exit' that has resulted are among the most important developments in Central Europe since the demise of communism. This book examines why, how, and to what extent enterprises have reduced in size or left the market altogether during the first years of the transition from socialism to capitalism in the Czech Republic, Hungary, and Poland.



Part 1: Introduction Part 2: Bankruptcy, reorganization and liquidation in mature market economies Part 3: Macroeconomic shocks and policy responses during transition Part 4: Downsizing as an exit mechanism Part 5: Bankruptcy and owner-led liquidation in the Czech Republic Part 6: Hungary's bankruptcy experience 1992-93 Part 7: Classical exit processes in Poland Part 8: Poland's bank-led conciliation Part 9: Why does exit matter

307 pages
ISBN 978-963-9116-07-8 cloth $49.95 / 31.00
ISBN 978-963-9116-16-0 paperback $16.95 / 10.95